63 Moons had approached the Bombay high court seeking to recover the investments made in NCDs of DHFL
The court’s decision comes a day after DHFL told stock exchanges that it had stopped payments to creditors
The Bombay high court on Thursday restricted the promoters of Dewan Housing Finance Corp. Ltd (DHFL) Kapil Wadhawan and Dheeraj Wadhawan from travelling abroad following a plea by 63 Moons Technologies Ltd, which is seeking to recover dues worth ₹200 crore.
Jignesh Shah-promoted 63 Moons approached the high court on Monday seeking to recover its investments made in non-convertible debentures (NCDs) of DHFL.
“We have moved the Bombay high court because we are committed to protecting the interest of our shareholders within the framework of law," 63 Moons said in a statement.
“We strongly believe that there cannot be selective treatment to anyone on repayment. No difference should be between bondholders and banks in terms of repayment of money".
The court’s decision came a day after DHFL told stock exchanges that it had stopped payments to creditors, including fixed deposit holders, following a direction by the high court in an earlier order.
“The high court of Bombay in the case filed by Reliance Nippon Life Insurance passed an order on September 30 and October 10, restraining the company from making payments to any of its secured/unsecured creditors, including the payments to any fixed-deposit holders," DHFL said in its exchange filing.
DHFL is currently being investigated by multiple agencies over alleged financial irregularities.
The Serious Fraud Investigation Office (SFIO) in a probe that began on 1 November is examining the company for alleged financial fraud, whereas the Enforcement Directorate (ED) is examining a ₹2,186 crore loan given by the non-banking financial company (NBFC) to Sunblink Real Estate which was in turn used to acquire properties owned by gangster Iqbal Mirchi.
The enforcement agencies have issued a Look Out Circular (LOC) against the promoters and management of DHFL to prevent them from fleeing the country.
Mint reported on 4 November that Kapil Wadhawan, chairman and managing director of DHFL, was questioned by ED.
In October, ED raided eight DHFL premises, including its headquarters. In a statement to stock exchanges, the company had, however, clarified that “the dues of ₹2,186 crore comprise the principal amount and the interest payable on the principal sum. On account of certain corporate actions undertaken with/by Sunblink, as on date, Sunblink is mentioned as a borrower. The amounts were never lent to Sunblink as alleged in the media. The corporate actions have been only to enhance DHFL’s security cover and cash flow receivables on the lending".
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